Division of Debts during Divorce
The dissolution of a marriage can be challenging for everyone involved. This difficult process can be made even more complicated by overwhelming debts that must be dealt with during the separation. While many people consider the division of assets, child custody agreements, or alimony settlements to be the most contentious part of a divorce, the division of debts is often equally as frustrating for couples.
Handing large amounts of debt or receiving an unexpected amount of debt after divorce can be stressful and scary. If you have questions regarding your legal options for overcoming large, unmanageable debts, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675.
During a divorce, the division of debts is decided by a mediator or the court system if the couple cannot come to an agreement. Many factors will be considered when attempting to divide a couple’s assets and debts, however it is important to understand that any debts accrued before a marriage will likely not be considered joint debt. Therefore, if you or your spouse has outstanding student loans, car payments, or other debts that were incurred before the marriage took place, they will likely not be shared.
The reverse of this rule is that any debts incurred after a couple’s marriage will likely be considered joint property and may be divided among the two spouses. It is important to note that you may be held responsible for personal items that your spouse bought through a joint credit account during the marriage.
In some instances, it may benefit a couple to file for bankruptcy before filing for divorce. For more information on your legal options if you are facing unmanageable levels of debt, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675.